appScatter (APPS)

Business description

appScatter is a B2B mobile app distribution, management and intelligence company; its cloud-based platform helps customers distribute to and monitor over 50 app stores globally. It is building one of the largest repositories of app store data and aims to launch a marketplace to support third-party app integrations in 2018.

Investment summary

appScatter has raised £5.34m (net) from the issue of 8.1m shares at 70p per share. It has also completed the acquisition of Priori Data GmbH, a German-based B2B SaaS platform provider of mobile app intelligence, for a total of £13.5m, funded through the issue of 16.67m shares at 70p per share and cash consideration of £1.8m. We are reviewing our forecasts.

Last updated on 26/10/2018

Y/E Dec

Revenue (£m)

EBITDA (£m)

PBT (£m)

EPS (p)

P/E (x)

P/CF (x)

2015A

0.0

(2.1)

(2.1)

N/A

N/A

N/A

2016A

0.0

(3.5)

(3.6)

N/A

N/A

N/A

2017E

N/A

N/A

N/A

N/A

N/A

N/A

2018E

N/A

N/A

N/A

N/A

N/A

N/A

Last updated on 17/10/2018

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Industry outlook

Google Play and the Apple App Store dominate the app store market in western geographies, accounting for 85% and 69% of all downloads in the US and UK. However, the scale of the remaining app store market is also vast, particularly in geographies such as China. Within this ‘other’ market, appScatter benefits from first-mover advantage, already distributing apps to, and monitoring their performance across, multiple app stores globally including the majors.